Sunday, January 29, 2023

US House of Representatives panel releases details of Trump’s taxes

(CNN) — The Democratic-led House Ways and Means Committee said Tuesday it would release former President Donald Trump’s tax returns within days, saying the IRS failed to properly audit the former president’s taxes while in office. .

The panel also released a report Tuesday detailing six years of the former president’s tax returns, including his claims of huge annual losses that significantly reduced his tax burden.

Speaker Richard Neal and his fellow Democrats said Tuesday that records they have obtained show the president’s audit program has not worked as expected. The Massachusetts Democrat alleged that the required audit of Trump’s taxes “did not occur”, as his returns were only subject to the mandatory audit once in 2019, after questioning from Democrats.

“The investigation that was conducted with respect to the mandatory audit program did not exist,” Neal told reporters after the commission hearing.

The panel also released a supplemental report from the Joint Commission on Taxation that included details about Trump’s tax returns from 2015 to 2020, ahead of the scheduled release of the returns themselves.

However, those underlying documents would first need to be heavily edited.

The release of Trump’s tax returns marks the conclusion of a nearly four-year legal battle House Democrats have waged against the former president since taking control of the chamber in 2019.

The audit program was important to Democrats because it justified how they often obtain the returns in the first place, but the Democratic pursuit was also tied to long-standing doubts about Trump’s taxes when he releases his returns. had failed to do so. President in 2016 or once in office.

The commission also made legislative recommendations to strengthen the presidential audit program, including “new requirements for mandatory examination of the president along with disclosure of certain audit information and related statements in a timely manner.” House Speaker Nancy Pelosi announced Tuesday night that the House would “act quickly” to advance the legislation, even if Congress is far from adjourning.

In a separate report, the Joint Commission on Taxation summarized its review of tax returns for Trump and several of his companies between 2015 and 2020. The JCT noted in its report that it had no investigative powers: it could not demand documents from Trump or his businesses or interview IRS agents assigned to audit Trump, so the commission did not issue an opinion on whether Trump should have paid more or less tax.

Nation World News Desk
Nation World News Desk
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